Egg Loan Agreement - enforceable?

[nicklea]

Ah, ok I think I am getting it. I thought the amount of credit was the term to show the charge for credit (i.e. how much it costs you, not just the loan amount + interest added together which is what is shown as the principal amount), if this isn't stated separately how are you supposed to know how much it is costing you?

 

You know this because the other prescribed term is one that gives you how many repayments that you need to make.

 

So, if you borrow 10,000 quid - this is the amount of credit and they put this in your bank account

 

They will state that the repayments are eg 84 monthly payments of 178 quid

 

So you can work out from this that 84 times 178 is 14,952

 

You can then see that the total amount of interest that you are paying is 4,952

[Tonster]

Ok, all clear now. Seems like going to court on this one would be a futile experience. I will re-offer the pro-rata amounts I was previously paying Egg in line with my I&E. I guess this just proves how important it is to check and question at every turn. I have plenty of credit card CCA's to fight on with (or lack of them so far in many cases with a variety of DCA's)

They sent T&C's as well as the agreement and a compliant DN, if they have the correct paperwork which it seems they have, no point in fighting it and losing, odds seems stacked against the consumer even on what seem like watertight cases such as no signed CCA so certainly don't want to take a chance with something like this where it seems doomed from the start.

 

Thanks for all your help guys/girls on this one.

[nicklea]

credit cards are a very different ball game as even if they have an enforceable agreement you can still make a counterclaim over the default charges if they try to take you to court

[Tonster]

So far, out of 12 credit card CCA requests over the last 2 years, only 2 have had an enforceable agreement and agreements have been struck with them, the others are either playing letter ping pong or DCA ping pong (one is on the 3rd DCA in 12 months) or have gone quiet (for now!)